Great Businesses Don't Start With a Plan
|Stop Making Plans; |
Start Making Decisions
Number one , start with the business model canvas ,
Number two , make the business plan and you ....
NO NO NO !!
So don't worry too much about a business plan. But to guide your thinking, improve a pitch to prospective investors, or better align your teams, consider these design points:
1. Identify and clearly articulate your Heart and purpose.
Whether you want to call it vision, Heart, purpose or calling, be very clear on the why of a business — the bigger goal at hand.
2. The team is more important than any idea or plan.
The top three priorities should be people, followed by people, and then people.
3. Think big, start small, then scale or fail fast.
Per Lederhausen's advice, set the right first "start small" milestone; it will usually involve seeing people's willingness to buy or at least try your product.
4. Focus on a well-defined market sub-segment or niche.
At least to start, think of where you can potentially be the best. This strategy is almost always more successful than being just another player in a massive market.
5. Understand your business model.
How you will make money is more important than pages of Excel showing financials that are simply too hard to predict at this early stage anyway. Understand instead the basic way you will make money - is it through transactions, advertising, subscriptions, etc?